Why We’re Backing Exultant Mining (ASX: 10X)

We’re backing Exultant Mining (ASX: 10X) with our own money, and adding it to the Equities Club portfolio. At a $7 million market cap with $4.3 million in cash, the market is valuing 10X’s projects at roughly $2.7 million. That looks too cheap to us. The early-stage explorer listed on the ASX at 20 cents in December 2025. No fanfare. No hype cycle. No crowded register full of day-one flippers. Multiple Australian projects chasing gold, silver and copper in proven districts, all loaded with high-grade historical hits that nobody has gone back to test with modern gear. Drilling starts in weeks. Since then, gold is up 18%. Silver is up 24%. Copper is up 9%. But the share price has drifted the other way, down to 18.5 cents. That disconnect caught our eye. Most of the risk feels like it's already baked into the price. The next 6 to 12 months of drilling could change how this company is valued entirely.